While the price for the share has not been named, sources within KazMunaiGas put the figure at $350 million. BP currently has a 6.6% share in CPC, held by Kazakhstan Pipeline Ventures, a joint venture with KazMunaiGas (that holds a 1.75% share), and Lukarco, a joint venture with Russian Lukoil, which controls another 12.5% of the project.
BP said in September that it intended to sell its stakes in CPC because the new terms negotiated with the Russian government were disadvantageous. BP was the last shareholder in the project to approve the long planned expansion of the pipeline – under the condition that the remaining partners will allow the oil company to sell its stake. A memorandum on the expansion of the pipeline from existing 33 million tons/yr to 67 million tons/yr is expected to be signed this month.